Working Your Adult Children into Your Estate Planning
When you’re planning your estate, it can be easy to forget to factor in the relationships that exist within your family. It is unfortunately common to see arguments happen among siblings or family members after the passing of a loved one over the contents of an estate plan and how to proceed.
Thus, it’s important to do everything you can to keep the peace and make sure your family members remain informed about your estate planning considerations. The following are some tips to keep in mind:
- Decide on an executor: Determine who you want to direct your estate after your passing, and make sure this person knows about your decision as soon as you have made it. This will allow the executor to prepare for the role and create a smooth administration process.
- Tell your family about your plans: Your family members should know the contents of your will to prevent any arguments that result from being blindsided later. Not only will communicating your plans give your loved ones a heads up, but it also gives you a chance to explain why you made the decisions you did.
- Resolve any existing conflicts: If you know there is the potential for conflict between certain family members, be proactive in resolving these conflicts to prevent the disputes from blowing up into something larger after you are gone.
- Plan everything in detail: For example, when will the asset distribution happen? Will you split up some of the executor’s tasks to prevent overloading one of your family members? What types of funeral arrangements will you need to make?
For further tips and advice on getting your adult children involved in your estate planning process, contact the experienced Tampa attorneys at BaumannKangas Estate Law.